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Section 44ad

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(Querist)
03 July 2019 sir as per ur reply given ...., in case of person teaching in college like professor (done PHD) and tds deducted u/s 194J in that case we have to take income as salary or we can make profit and loss account or can take 44AD, plz guide
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CA Pawan Koradia

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CA Pawan Koradia (Expert)
03 July 2019 If TDS u/s 194J is deducted then it is not salary income. You can file return u/s 44ADA showing 50% profit.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
04 July 2019 194J and 44AD will not match. Have to prepare I &E and BS since 44ADA is also
doesn;t apply in view of 44AA(1).
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CA Pawan Koradia

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CA Pawan Koradia (Expert)
04 July 2019 Yes Warrier sir is right, you have to maintain books of accounts if profit falls below 50% and you have to get books of account audited if NTI exceeds 250000 which is income not chargeable to income tax ( Basic Exemption)
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